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Sonia wants to have $13,000 in 8 years. Use Table 11-2 to calculate how much she should invest now (in $) at 6% interest, compounded semiannually in order to reach this goal. (Round your answer to the nearest cent.)

Sonia wants to have $13,000 in 8 years. Use Table 11-2 to calculate how much she should invest now (in $) at 6% interest, compounded semiannually in order to reach this goal. (Round your answer to the nearest cent.)

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 5RE: A retirement account is opened with an initialdeposit of 8,500 and earns 8.12 interest compounded...
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7. [-/1 Points] DETAILS BRECMBC9 11.II.010.MI. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Sonia wants to have $13,000 in 8 years. Use Table 11-2 to calculate how much she should invest now (in $) at 6% interest, compounded semiannually in order to reach this goal. (Round your answer to the nearest cent.) Need Help? Read It Watch It Master It 8. [-/1 Points] DETAILS BRECMBC9 11.II.015.MI. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER You wish to have $23,000 in 10 years. Use Table 11-2 to create a new table factor, and then find how much you should invest now (in $) at 6% interest, compounded quarterly in order to have $23,000, 10 years from now. (Round your answer to the nearest cent.) $ Need Help? Master It Read It Watch It
Transcribed Image Text:7. [-/1 Points] DETAILS BRECMBC9 11.II.010.MI. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Sonia wants to have $13,000 in 8 years. Use Table 11-2 to calculate how much she should invest now (in $) at 6% interest, compounded semiannually in order to reach this goal. (Round your answer to the nearest cent.) Need Help? Read It Watch It Master It 8. [-/1 Points] DETAILS BRECMBC9 11.II.015.MI. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER You wish to have $23,000 in 10 years. Use Table 11-2 to create a new table factor, and then find how much you should invest now (in $) at 6% interest, compounded quarterly in order to have $23,000, 10 years from now. (Round your answer to the nearest cent.) $ Need Help? Master It Read It Watch It
5. [-/1 Points] DETAILS BRECMBC9 11.1.030. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER As a savings plan for college, when their son Bob was born, the Wilburs deposited $10,000 in an account paying 9% compounded annually. How much will the account be worth (in $) when Bob is 18 years old? (Use Table 11-1.) Need Help? Read It 6. [-/1 Points] DETAILS BRECMBC9 11.1.038.MI. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER You invest $13,000 at 6% interest, compounded monthly, for 2 years. Use the compound interest formula to calculate the compound amount (in $) for your investment. (Round your answer to the nearest cent.) $ Need Help? Read It Watch It Master It
Transcribed Image Text:5. [-/1 Points] DETAILS BRECMBC9 11.1.030. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER As a savings plan for college, when their son Bob was born, the Wilburs deposited $10,000 in an account paying 9% compounded annually. How much will the account be worth (in $) when Bob is 18 years old? (Use Table 11-1.) Need Help? Read It 6. [-/1 Points] DETAILS BRECMBC9 11.1.038.MI. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER You invest $13,000 at 6% interest, compounded monthly, for 2 years. Use the compound interest formula to calculate the compound amount (in $) for your investment. (Round your answer to the nearest cent.) $ Need Help? Read It Watch It Master It
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ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
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